GBP/USD Current price: 1.3409

  • Rebel Tories within Commons changed course and decide not to vote against the government.
  • PM May will have more power of decision on Brexit, but a hard one is back on the table.

Theresa May could claim her first victory in a long time, as parts of the Brexit withdrawal bill are being voted by the UK Parliament, and several Tories have decided to accept the government's view.  MPs voted to reverse the Lords amendment removing the exit day from the bill, meaning that  29 March 2019 is again the exit day after the government made "lots" of concessions according to a parliamentary. Commons are considering amendments imposed by the Lords, and the key is the amendment 19, the one that guarantees a meaningful final vote on the Brexit deal to MPs. The government also managed to block the meaningful vote amendment, that would have meant a softer Brexit. In this scenario, the government retains full control of Brexit's results, but also could mean a tougher exit.

The GBP/USD pair which jumped over 50 pips with the initial vote, pared gains and stabilized a few pips above 1.3400, as investors are now considering which will weigh more. Technically, the pair is still unable to post a bullish stance, barely above a bearish 20 SMA and with technical indicators heading higher within neutral levels without enough strength. The pair would actually need to break above the 1.3450 region to gather additional momentum and extend its advance. The downside, on the other hand, seems better limited at the time being.

Support levels: 1.3395 1.3360 1.3320

Resistance levels: 1.3450 1.3490 1.3530

View Live Chart for the GBP/USD

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 

EUR/USD News

GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 

GBP/USD News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures